Singapore and Denmark signed a protocol on August 25 amending the existing convention they share for the avoidance of double taxation to include provisions for the exchange of information in tax matters.
The signing, held in Singapore, was undertaken by Singapore’s Commissioner of Inland Revenue, Moses Lee, and Denmark's Ambassador to Singapore, Vibeke Rovsing Lauritzen.
The agreement marks Singapore’s fourth agreement that incorporates the internationally agreed OECD standard on transparency and information exchange. It will allow, upon entry into force, the two countries' tax authorities to seek information on a reciprocal basis on civil tax investigations, and investigations into tax crimes.
The protocol will enter into force after Singapore’s Parliament has passed legislative amendments to allow the country’s tax authority to share information in accordance with the internationally agreed standard, and when both countries have concluded their individual ratification procedures.
The full text of the protocol will be made available on the Inland Revenue Authority of Singapore’s website.
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